1) What are the limitations to carrying over losses into future years (i.e. time limit if I don't use it all in the next few years or monetary limit)?

Death is the time limit. There is no dollar limit that can be carried forward.

2) Am I correct in the thought that I can use capital losses to offset only $3000 in earned income in any year? If so, would I just be carrying over my loss to predominantly offset future capital gains then?

Yes. Capital gains and losses, including any carryover, are netted each year before applying a loss to other income.

3) A couple of years ago I converted an IRA to a Roth IRA. Doing so, I incurred a sizeable tax liability (still smaller than the current loss I am talking about) which I was able to spread across 4 years. I already paid last year and have paid this year. Can I use my loss to a) offset the next two years liabilities and b) get a refund of the IRA conversion taxes I paid last year and this year?

Nice try, but no. You can't carry capital losses back, and IRA distributions, which is what your conversion was, do not involve capital gains; they are ordinary income.

TMF ExRO
Phil Marti